According to U.Today, Lark Davies, a well-known entrepreneur and Bitcoin investor, has predicted a forthcoming bullish run for the leading cryptocurrency. This prediction comes in the midst of a wider crypto market rally, which has seen Bitcoin (BTC) rise to over $71,000. Davies pointed out several factors that could drive the crypto market towards a bull run in the near future. The primary factor is the increased inflows gathered from the adoption of Bitcoin Exchange-Traded Funds (ETFs) in the U.S.
In the past 18 days, Davies revealed that these ETFs have bought 56,150 BTC, equivalent to over a four-month supply of BTC. Furthermore, Davies believes that the potential launch of Ethereum’s spot ETF will significantly impact the market. He stated that Ethereum ETFs are set to start trading soon. Davies also noted that the ongoing accumulation of Bitcoin by institutions such as MicroStrategy, Block, and Semler Scientific could also affect Bitcoin's future trajectory.
Davies stated, 'Institutions, wealth managers, and pension funds worldwide are lining up to own a piece of the Bitcoin pie. This bull run is going to be way crazier than you think.' At the time of reporting, BTC is trading at $71,456, marking an increase of 0.27% in the last 24 hours. The trading volume has risen by 14.5% to over $30 billion.
There seems to be a mixed sentiment regarding the approval of spot Ethereum ETFs. Jan van Eck, CEO of VanEck, believes the approval of spot Ethereum ETF has signaled a historic shift. VanEck is among other applicants that have received approvals from the U.S. Securities and Exchange Commission (SEC). On the other hand, banking giant JPMorgan suggests that the Ethereum ETFs could attract a much lower share of inflows than anticipated when it finally starts trading. The bank predicts inflows of $3 billion for the ETH products this year, but this amount could double if staking is allowed.